Jalalabad, 15 March: State Cooperative Minister Sukhjinder Singh Randhawa has said that Punjab State Cooperative Agricultural Development Bank (P. A. B. D. ) has launched a loan restructuring scheme for defaulter borrowers under which full penalty interest will be waived off on paying 20 percent of the reimbursement due to borrowers.
He was here today talking with journalists after the ceremony of taking over the post of Chairman of Punjab Raj Cooperative Agricultural Development Bank Jalalabad Mr. Santi Kapoor Ghubaya and Vice Chairman Sri Gurpreet Singh Virk Rohi Wala. On this occasion, Jalalabad MLA Shri Raminder Singh Amla and Fazilka MLA S. Davinder Singh Ghubaya were specially present with them.
Cooperative Minister S. on this occasion Sukhjinder Singh Randhawa said that the bank has started a loan restructuring scheme for defaulter borrowers who have not been able to pay their installments for the past few years due to their poor financial situation. Loan accounts of loan defaulters will be relisted under the scheme so that they can repay their loans in easy installments and relief them from the bank’s initiative legal action for loan recovery, the Cooperative Minister said.
He said that the scheme has arranged that if the borrower pays 20 percent of his arrears at the time of reorganization, all the penal interest in his account will be waived. Also borrowers will be eligible to take even more loans if they regularly pay one third of the repayment debt. The bank has extended the ongoing plan to waive the penal interest to March 31, 2021, he said. Under the scheme, all fines of loan accounts of borrowers are waived off if borrowers pay the defaulter amount or close their loan account.
The Cooperative Minister said the financial condition of the cooperative banks was worsened due to poor financial management of the previous government but now 57 of the state’s 87 cooperative agricultural development banks have been removed from D lioness and brought back to A category. They further said the bank has also amended its loan policy so that a farmer can take two loans instead of one loan based on his ability to pay. He said the bank has made it mandatory that the loan applicant should have a ‘cibil’ score of at least 650 to ensure a better loan portfolio and a better environment for loan repayments.
On this occasion, the Cooperative Minister also inaugurated the booth of Verka here.
Earlier, on reaching here, the Deputy Commissioner of the district S. Arvind Pal Singh Sandhu said welcome to the Cabinet Minister. On this occasion, M of Punjab State Cooperative Agricultural Development Bank. D. S: Charandev Singh Mann, S. D. M…. S: Suba Singh, Chairman S: Sukhwinder Singh Kaka Kamboj, Chairman of Market Committee Shri Raj Bakhs Kamboj, Block Samati Chairman S. Ratan Singh, Vice Chairman Mr. Subhash Kaluwala, Ruby Gill President District Youth Congress were also present.
